Investment Banking Smart cars in a connected world · Investment case – Smart cars in a connected world August 22, 2017 Purchasing criterion: “New means everything that makes

Investment Banking

August 22, 2017

Solactive Smart Cars Performance Index

Smart cars in a connected world

2

August 22, 2017 Contents Overview

6. Investment case

3. Introduction

– Smart cars in a connected world

24. Summary

13. Index concept & key product data

– Solactive Smart Cars Performance Index

3

August 22, 2017 Contents

4 Consumers want entertainment and safety features

5 Survey results: Would you be prepared to switch to a different maker for a connected car?

A Introduction

4

August 22, 2017 Introduction

Consumers want entertainment and safety features

Source: BI Intelligence, 24.08.2015, http://uk.businessinsider.com/connected-car-is-next-digital-platform-2015-2?r=US&IR=T

– Most consumers are unaware of

the features and services of

connected cars…

– 44% of consumers have never heard of

connected cars. A further 42% have

heard of them, but are not clear on what

they are and what they can do.

– … but nonetheless want

entertainment and safety features

– The strongest demand is for music

streaming, e.g. listening to Pandora

or Spotify.

I have never heard

of them

I have heard of them,

but am not familiar with

what they are/can do.

I have heard of them, and

am familiar with what they

are/can do.

In-car music streaming

In-car Internet surfing on a monitor

Car identifies traffic signals, congestion, accidents

A system that allows the passenger to stop the car

Front/rear-end collision alarm

Night vision device

Fatigue warning device

In-car access to social media

69%

57%

52%

51%

45%

42%

41%

40%

42% 14% 44%

5

August 22, 2017 Introduction

Survey in Germany:

Would you be prepared to change maker for a connected car? Survey results

– 67% of respondents would be prepared to switch to a different maker

depending on the connectivity features offered.

– This willingness to change is particularly pronounced in the under-30 age

group at 74%.

– According to the survey, 69% of all women surveyed and 65% of all men

surveyed would change.

NB: Germany; 31 March to 15 April 2015; 16-69 years old; 1,106 people surveyed; people for whom the issue of connected cars is relevant for their next purchase

Source: Statista

,67%

,69%

,65%

,74%

,69%

,56%

,33%

,31%

,35%

,26%

,31%

,44%

,0.0% ,50.0% ,100.0%

Gesamt

Frauen

Männer

Alter: 16-29 Jahre

Alter: 30-49 Jahre

Alter: 50-69 Jahre

Ja Nein

→ Connectivity features are a key distinguishing characteristic in the

car industry, particularly in the 16-29 age group (74%).

6


7 Definition: “smart cars”

8 Market potential: Safety, comfort, information, entertainment

9 Purchasing criterion: “New means everything that makes your life better.”

10 Brand differentiation through new driving experience

11 Specialized suppliers: Basis for success

B Investment case


12 Software developers: Innovative niche players, e.g. Mobileye

7

August 22, 2017 Investment case – Smart cars in a connected world

Definition

Smart cars – connected motoring

1: Source: www.mercedes-benz.de, August 2015

Source: www.unternehmerzeitung.ch; August 2015

SMART / CONNECTED CARS

TODAY TOMORROW

The market

potential for

purpose-built

Internet solutions for

private transport is

large.

– Prototypes are already driving around

the countryside and cities of Asia,

Europe and the US.

– They go a step further than today’s cars →

the driver will essentially become a passenger.

– Infotainment coupled with smart

entertainment offerings will thus become ever

more important in the future.

– The driver will rely on a “robot” that is

connected and observes the

car’s environment.

– Driver assistance systems are already

performing important actions or supporting the

driver (lane departure warnings, handling

control systems and hazard warning functions,

as well as smart crosswind stabilization,

high-beam and driving lights assistants).

– The first driving assistance functions of the

Car-to-X generation – via which cars can

communicate wirelessly with each other

and the outside world – are already being

used today.1

– They will increasingly become standard

features in cars.

8


Market potential:

safety, comfort, information, entertainment

Global market potential for

connected car functions

– Internet-based functions in cars can do more than just

improve safety.

– According to car manufacturer Mercedes-Benz, the customer will be

connected with everything that is important to them

(not just with the car).

– Connected cars offer new solutions designed to address customer

needs that were always there, but appeared infeasible due the lack

of suitable automotive technology.

– Car manufacturers are promising even greater comfort – e.g. with

fully or partially autonomous cars – interactive infotainment, and

smart entertainment features.

Source: Booz & Company, BI Intelligence estimates, March 2015

Source: Booz & Company, BI Intelligence Estimates, Mercedes.com; March 2015

→ There is considerable market potential for purpose-built Internet solutions

for private transport (see chart on the right).

→ According to BI Intelligence, connected car services are likely to generate

revenues of up to USD 152 billion by 2020.

9


Purchasing criterion:

“New means everything that makes your life better.”

Connected cars tend to be

more important for premium

brand drivers.

– Steering, braking, accelerating – Connected cars can help drivers

with these, or even take these off their hands altogether.

– BMW talks of “intuitive innovations” that connect drivers and their

cars even more closely to the outside world.1

– Volkswagen has encapsulated this in their “Think New” slogan:

“New means everything that makes your life better.” 2

– Everything is focused on the immense range of additional benefits

that new technologies can create.

1: Source: www.bmw.com; August 2015 2: Source: http://thinknew.volkswagen.com/de/de/start; August 2015

Source: LSP Digital; July 2015

Survey of 3,303 car owners (private & company cars), who drive a new car or are planning to buy a new car soon.

→ According to survey results (LSP Digital), connectivity has become an

important criterion when buying a car.

→ For more than half of BMW and Audi drivers, car connectivity is a decisive

factor in their next purchase (see chart on the right).

Cu

rren

t car

27%

29%

30%

30%

33%

33%

35%

41%

53%

54%

0% 20% 40% 60%

Renault

Nissan

KIA

Honda

Citroën

Fiat

VW

Mercedes

Audi

BMW

Connectivity is important for me

http://www.bmw.com/

http://thinknew.volkswagen.com/de/de/start

10


Brand differentiation through new driving experience

– Car makers that want to position themselves for the long term in the

fiercely contested market should already be looking at intelligent

connectivity technologies as a key strategic element.

– In addition to measures aimed at the driver, such technologies focus

in particular on the after-sales and brand experiences.

– By 2020, one in five cars is likely to be connected to the Internet, and

drivers will spend an average of 50 minutes a day in their vehicles.

– According to McKinsey, music services and tourist information

systems, for example, could represent a lucrative business area,

while also contributing to brand differentiation.

– However, car manufactures should gear themselves towards shorter

development cycles and specialized suppliers.

Source: McKinsey, 2013

11


Specialized suppliers: Basis for success

– The market success of a connected car hinges on the quality of the innovations and the benefits they create.

– As a rule, car manufacturers do not produce the networking services themselves, and therefore rely on highly specialized

suppliers with outstanding expertise.

– Many suppliers positioned themselves in this up-and-coming segment at an early stage.

– Experts believe the connectivity trend could lead to a lasting revolution in the supplier industry.

– In addition to well-known suppliers, pure plays have also emerged that are predominantly specialized in car connectivity.

Continental is a perfect example of a long-established

supplier that is well positioned:

– Continental initially became known for its soft rubber

products, in particular tyres.

– According to the company itself, Continental is

researching future mobility issues, and developing

solutions for car connectivity to address all needs.

– Continental now generates a considerable part of its

revenues in the connected cars business.

Other globally active suppliers that dominate the

segment in a similar fashion include:

– Canada’s Magna, known for its desire to make safety

assistance features accessible to more drivers. To this

end, it has developed an innovative camera system

costing less than EUR 100.

– Japan’s Denso, which has a technology that allows

vehicle-to-vehicle communication (V2V). While many

are still discussing this, Denso is already ready to go

into production. Denso has also stressed that the

communication will not stop at V2V. Its V2X system

allows cars to communicate with the road infrastructure.1

1: Source: http://www.digitaltrends.com/cars/denso-v2v-connected-car-technology/; 24.08.2015

Source: www.car-it.com; November 2014

http://www.digitaltrends.com/cars/denso-v2v-connected-car-technology/









12


Software developers: innovative niche players

Mobileye’s net sales 2011-2014

– Given the immense market potential, the major players currently

do not seem to be greatly troubled by the throng of smaller niche

players in the segment.

– Niche players as suppliers to the suppliers?

Mobileye: a classic example of the genre

– Head office in Jerusalem.

– Undisputed global market leader in the development of driving

assistance systems.

– Innovations such as the mono-camera, System-on-Chip solutions, and

computer vision algorithms.

– Delivers solutions to suppliers such as Autoliv, Delphi and Magna.

– But also delivers to car manufacturers themselves – including BMW, Volvo,

General Motors and Hyundai.

– According to PwC (2015), Mobileye’s success stems from its focus on its

core competence in the niche area of developing collision warning systems.

Source: Mobileye

Source: PwC, www.mobileye.com; 2015

http://www.mobileye.com/

13


14 Index composition – Concept and selection criteria

15 Index composition – Stocks

16 Index composition – Allocation by country (head office) & currency

17 Index composition – Details on the companies

22 Key product data – VONCERT Open End

C Index concept & key product data


23 Significant risks for investors

14

August 22, 2017

Index concept & key product data Solactive Smart Cars Performance Index

Index composition – Concept and selection criteria

Source: Solactive, August 2015

Index concept

– The Solactive Smart Cars Performance Index tracks the performance of

companies with significant business activity in car connectivity.

These are companies from the Automobiles & Parts and Technology

sectors; the latter develop connectivity technologies for the car industry.

– The index comprises the ten largest companies by market capitalization

in each sector.

– The index is adjusted once a year and its constituents equally weighted.

– Dividends and other distributions are reinvested in the index.

– The index is calculated and published by Solactive AG.

KEY DATA

ISIN DE000SLA09T5

WKN SLA09T

Reuters (RIC) .SOLCARS

Index calculator Solactive AG

Index type Performance index

Index currency EUR

Index components 20

Dividends Included (performance index)

Calculation 08:00 to 22:30 (CET), every 60 seconds

Index guidelines: Solactive Smart Cars

Performance Index

The connected car business includes companies

from the Automobiles & Parts and Technology

sectors; the latter develop connectivity technologies

for the car industry. The technologies are aimed at

extending and/or optimizing communication inside

and outside the vehicle, e.g. to improve driving

safety and comfort, and to provide intelligent

infotainment and entertainment offerings.

Selection criteria

– Shares in companies with significant business activity in the

connected car sector

– Listed on a recognized and regulated exchange

– Market capitalization of at least EUR 1 billion

– Average daily share trading volume of at least EUR 1 million

(over the past three months)

– No sales restrictions for investors and freely traded.

https://www.solactive.com/wp-content/uploads/2013/08/Solactive-Smart-Grid-Performance-Index_DE000A1CQ8G2.pdf

15

August 22, 2017


1: Source: Bloomberg 26.08.2015 – Industry Classification Benchmark 2: At initial fixing (indicative)

Source: Bloomberg, 26.08.2015

COMPANY SUPERSECTOR ICB SUBSECTOR1 COUNTRY (BY HEAD OFFICE) CURRENCY WEIGHTING

Aisin Seiki Co Ltd Automobiles & Parts Auto Parts Japan JPY 5%

AMETEK Inc. Automobiles & Parts Electronic Equipment US USD 5%

BorgWarner Inc. Automobiles & Parts Auto Parts US USD 5%

Continental AG Automobiles & Parts Tyres Germany EUR 5%

Delphi Automotive PLC Automobiles & Parts Auto Parts UK USD 5%

Denso Corp. Automobiles & Parts Auto Parts Japan JPY 5%

Johnson Controls Inc. Automobiles & Parts Auto Parts US USD 5%

Magna International Inc. Automobiles & Parts Auto Parts Canada USD 5%

Mobileye N. V. Automobiles & Parts Software Israel USD 5%

Rockwell Automation Inc. Automobiles & Parts Industrial Machinery US USD 5%

Altera Corp. Technology Semiconductors US USD 5%

Amphenol Corp. Technology Electrical Components & Equipment US USD 5%

Garmin Ltd Technology Telecommunications Equipment Switzerland USD 5%

Linear Technology Corp. Technology Semiconductors US USD 5%

NVIDIA Corp. Technology Semiconductors US USD 5%

Omron Corp. Technology Electronic Equipment Japan JPY 5%

Renesas Electronics Corp. Technology Semiconductors Japan JPY 5%

Skyworks Solutions Inc. Technology Semiconductors US USD 5%

STMicroelectronics N. V. Technology Semiconductors Switzerland EUR 5%

Trimble Navigation Ltd Technology Electronic Equipment US USD 5%

Index composition2 – Stocks

16

August 22, 2017


Composition1 Currencies Composition1 Country weighting

(by head office)

1: At initial fixing (indicative)

Source: Solactive, August 2015

50.00%

20.00%

10.00%

5.00%

5.00%

5.00% 5.00%

USA Japan Schweiz

Deutschland Grossbritannien Kanada

Israel

70%

20%

10%

USD JPY EUR

17

August 22, 2017


Index composition3 – Details

Sector2: Auto Parts

Currency: JPY

Market cap1: USD 10,610 mn

Description:

AISIN SEIKI CO., LTD. manufactures

motor vehicle parts such as

transmissions, clutches, disc brakes,

ABS, suspensions, oil pumps, power

windows, and power door locks. The

company has sales and production

subsidiaries in the US and Belgium.

Aisin Seiki also produces household

appliances such as sewing machines

Sector2: Semiconductors

Currency: USD


Description:

Altera Corporation is a global

semiconductor company that designs,

manufactures, and markets

programmable logic devices and

associated development tools. The

company's products include a variety of

programmable logic devices and hard-

copy application-specific

integrated circuits.

Sector2: Electronic Equip.

Currency: USD


Description:

AMETEK, Inc. is a global manufacturer of

electronic instruments and

electromechanical devices. The company

manufactures advanced instruments for

process, aerospace, power and industrial

markets, and is a supplier of electrical

interconnects, specialty metals, technical

motors and systems, and floor care and

specialty motors.

Sector2: Elec. Comp. & Equip

Currency: USD


Description:

Amphenol Corporation designs,

manufactures, and markets electrical,

electronic and fiber optic connectors,

interconnect systems, and coaxial and

flat-ribbon cable. The company's

products are used in a variety of

industries, including telephone, wireless

and data communications systems,

cable television systems, and

commercial and military

aerospace electronics.

Altera Corp. Aisin Seiki Co Ltd Amphenol Corp. AMETEK Inc.

1: Market capitalization on 26.08.2015 (Bloomberg) 2: Bloomberg 26.08.2015 – Industry Classification Benchmark 3: At initial fixing (indicative)

Sources: Bloomberg; as at 26.08.2015 and Solactive. Historical data do not provide any indication of future developments.

01000200030004000500060007000

20

10

20

11

20

12

20

13

20

14

20

15

Aisin Seiki Co Ltd

0

10

20

30

40

50

60

20

10

20

11

20

12

20

13

20

14

20

15

Altera Corp

010203040506070

20

10

20

11

20

12

20

13

20

14

20

15

AMETEK Inc

010203040506070

20

10

20

11

20

12

20

13

20

14

20

15

Amphenol Corp

18

August 22, 2017



Sector2: Auto Parts

Currency: USD


Description:

BorgWarner, Inc. supplies engineered

systems and components, primarily for

automotive powertrain applications. The

company's products are manufactured

and sold worldwide, primarily to original

equipment manufacturers of passenger

cars, sport utility vehicles, and light

trucks. BorgWarner operates

manufacturing facilities in North

America, Europe, and Asia

Sector2: Tyres

Currency: EUR


Description:

Continental AG manufactures tyres,

automotive parts and industrial

products. The company produces

passenger car, truck, commercial

vehicle, and bicycle tyres, braking

systems, shock absorbers, hoses, drive

belts, conveyor belting, transmission

products, and sealing systems.

Continental markets its products under

such brands as Continental, Uniroyal,

Gislaved, Viking, and Barum.

Sector2: Auto Parts

Currency: USD


Description:

Delphi Automotive PLC manufactures

vehicle components. The company

produces electrical and electronic,

powertrain, safety and thermal

technology components for automobile

and commercial vehicle manufacturers.

Delphi supplies original equipment

manufacturers throughout the world.

Sector2: Auto Parts

Currency: JPY


Description:

DENSO CORPORATION manufactures

electronic parts for automobiles. The

company's products include automobile

air conditioners, air bags, ignition

systems, generators, power steering

systems, and spark plugs with iridium

electrode. The company also produces

communication equipment for mobile

navigation systems.

Continental AG BorgWarner Inc. Denso Corp. Delphi Automotive Plc.



01020304050607080

20

10

20

11

20

12

20

13

20

14

20

15

BorgWarner Inc

0

50

100

150

200

250

20

10

20

11

20

12

20

13

20

14

20

15

Continental AG

0

20

40

60

80

100

20

11

20

12

20

13

20

14

Delphi Automotive PLC

01000200030004000500060007000

20

10

20

11

20

12

20

13

20

14

20

15

Denso Corp

19

August 22, 2017



Sector2: Telecom Equip.

Currency: USD


Description:

Garmin Ltd. provides navigation,

communications, and information

devices, most of which are enabled by

Global Positioning System (GPS)

technology. The company designs,

develops, manufactures, and markets

hand-held, portable, and fixed mount

GPS-enabled products and other

navigation, communications, and

information products under its own

brand name.

Sector2: Auto Parts

Currency: USA


Description:

Johnson Controls, Inc. markets

automotive systems and building

controls. The company supplies seating

systems, interior systems, and batteries.

Johnson Controls also provides building

control systems and services, energy

management, and integrated facility

management, as well as providing

batteries for automobiles and hybrid

electric vehicles.


Currency: USA


Description:

Linear Technology Corporation designs,

manufactures, and markets a line of

linear integrated circuits. The company's

products include high performance

amplifiers, comparators, voltage

references, monolithic filters, linear

regulators, DC-DC converters, battery

chargers, data converters,

communications interface circuits, and

RF signal conditioning circuits.

Sector2: Auto Parts

Currency: USD


Description:

Magna International Inc. designs,

develops, and manufactures

automotive systems, assemblies and

components, and engineers and

assembles complete vehicles. The

company sells its products primarily to

original equipment manufacturers.

Johnson Controls Inc. Garmin Ltd Magna International Inc. Linear Technology Corp.



010203040506070

20

10

20

11

20

12

20

13

20

14

20

15

Garmin Ltd

0

10

20

30

40

50

60

20

10

20

11

20

12

20

13

20

14

20

15

Johnson Controls Inc

0

10

20

30

40

50

60

20

10

20

11

20

12

20

13

20

14

20

15

Linear Technology Corp

010203040506070

20

10

20

11

20

12

20

13

20

14

20

15

Magna International Inc

20

August 22, 2017



Sector2: Software

Currency: USD

Market cap1: USD 11,989 million

Description:

Mobileye N.V. provides image sensing

and processing technology for

automotive applications. The company

designs and develops vision-based

advanced driver assistance systems

that offer warnings for collision

prevention and mitigation. Mobileye

serves customers worldwide.


Currency: USD


Description:

NVIDIA Corporation designs, develops,

and markets three dimensional (3D)

graphics processors and related

software. The company's products

provide interactive 3D graphics to the

mainstream personal computer market.

Sector2: Electronic Equip

Currency: JPY


Description:

OMRON Corporation manufactures

electronic components, equipment and

systems used for factory automation. The

company provides products and services

in a variety of fields including industrial

automation, electronic components,

automotive electronics, social systems

such as ticket gate machines and traffic

control, and healthcare.


Currency: JPY

Market cap1: USD 9,393

Description:

Renesas Electronics Corporation

researches, develops, designs and

manufactures electronic components

such as semiconductors and

integrated devices.

NVIDIA Corp. Mobileye N. V. Renesas Electronics Corp. Omron Corp.



010203040506070

20

14

20

15

Mobileye NV

0

5

10

15

20

25

30

20

10

20

11

20

12

20

13

20

14

20

15

NVIDIA Corp

01000200030004000500060007000

20

10

20

11

20

12

20

13

20

14

20

15

Omron Corp

0

200

400

600

800

1000

1200

20

10

20

11

20

12

20

13

20

14

20

15

Renesas Electronics Corp

21

August 22, 2017



Sector2: Industrial Machinery

Currency: USD


Description:

Rockwell Automation, Inc. produces

industrial automation products. The

company offers products such as control

systems, motor control devices,

sensors, and industrial control panels.

Rockwell Automation markets its

products worldwide.


Currency: USD


Description:

Skyworks Solutions, Inc., a wireless

semiconductor company, designs and

manufactures radio frequency and

complete semiconductor system

solutions for mobile communications

applications. The company provides

front-end modules, radio frequency

subsystems, and system solutions to

wireless handset and infrastructure

customers worldwide.


Currency: EUR


Description:

STMicroelectronics N.V. designs,

develops, manufactures, and markets

semiconductor integrated circuits and

discrete devices. The company's

products are used in the

telecommunications, consumer

electronics, automotive, computer, and

industrial sectors. Geographically,

customers are located in North America,

Europe, and the Asia/Pacific region.

Sector2: Electronic Equip.

Currency: USD


Description:

Trimble Navigation Ltd is a leading

provider of advanced location-based

solutions that maximize productivity

and enhance profitability. The company

integrates its positioning expertise in

GPS, laser, optical and inertial

technologies with application software,

wireless communications, and services

to provide complete

commercial solutions.

Skyworks Solutions Inc. Rockwell Automation Inc. Trimble Navigation Ltd STMicroelectronics N. V.



020406080

100120140

20

10

20

11

20

12

20

13

20

14

20

15

Rockwell Automation Inc

0

20

40

60

80

100

120

20

10

20

11

20

12

20

13

20

14

20

15

Skyworks Solutions Inc

0

2

4

6

8

10

12

20

10

20

11

20

12

20

13

20

14

20

15

STMicroelectronics NV

0

10

20

30

40

50

20

10

20

11

20

12

20

13

20

14

20

15

Trimble Navigation Ltd

22

August 22, 2017


Key product data – VONCERT Open End

Termsheets with the legally binding information and other details can be downloaded at any time from www.derinet.ch. All information is indicative and subject to change.

VONCERT OPEN END

SSPA product type Tracker certificate (1300)

Underlying Solactive Smart Cars Performance Index

Initial fixing / payment date 25 September 2015 / 2 October 2015

Maturity Open end

Management fee 1.00% p.a.

Issuer Vontobel Financial Products Ltd., DIFC Dubai (is not subject to any prudential supervision and has no rating)

Guarantor Vontobel Holding AG, Zurich (Moody's A3)

Valor / symbol

Issue price

VONCERT reference price

Currencies

2417 3656 / VZSCC

CHF 101.50

(CHF 1.50 front-load fee

included)

CHF 100.00

Termsheet

CHF

2417 3657 / VZSCE

EUR 101.50

(EUR 1.50 front-load fee

included)

EUR 100.00

Termsheet

EUR

2417 3658 / VZSCU

USD 101.50

(USD 1.50 front-load fee

included)

USD 100.00

Termsheet

USD

https://derinet.vontobel.ch/PDF_TS/CH0241736567e.pdf

https://derinet.vontobel.ch/PDF_TS/CH0241736575e.pdf

23

August 22, 2017


Significant risks for investors

Termsheets with the legally binding information and other details can be downloaded at any time from www.derinet.ch. All information is indicative and subject to change.

– Economic crises and changes could have a detrimental impact on the shares underlying the

participation certificate

– New competitors could engage the established firms in the index in a fight for market share

– Issuer risk

– Currency risk

– No capital protection

http://www.derinet.ch/

24


25 Investment case & index concept

D Summary

25

August 22, 2017 Summary

Investment case & index concept

Investment case


Index concept


– By 2020 every 5th car will be connected to the Internet.

– According to BI Intelligence, connected car services

could generate revenues of up to USD 152 billion

by 2020.

– According to a survey conducted by statista.com, 67% of

all those surveyed would be prepared to switch car brand

depending on the connectivity functions offered.

– As a rule, car manufacturers do not produce the networking

services themselves, and therefore rely on highly

specialized suppliers with outstanding expertise.

– In addition to well-known suppliers, pure plays have

also emerged that are predominantly specialized in

car connectivity.

– The index tracks the performance of companies with

significant business activity in the connected car industry.

These are companies from the Automobiles & Parts and

Technology sectors; the latter develop connectivity

technologies for the car industry.

– The index comprises the ten largest companies by

market capitalization in each sector (and up to

20 companies).

– Rules-based and transparent index

Most consumers are unaware of the features and services of connected cars. Nevertheless, they would like

entertainment while driving and additional safety features.

26

August 22, 2017 Legal Notice

This publication is for information purposes only and does not represent an investment recommendation or advice and contains neither an offer nor an invitation to make an offer. It does not replace the qualified advice

necessary before any purchase decision, in particular as regards all associated risks. This publication was drawn up by our Financial Products & Distribution organizational unit, and is not the result of financial

analysis. The Directives on the Independence of Financial Research issued by the Swiss Bankers Association do not apply to this publication. Any content in this publication originating from other organizational units

at Vontobel or third parties are marked as such with reference to the source. The legally applicable product documentation (listing prospectus) consists of the definitive term sheet with the final terms and the issue

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